I am sure that you have heard a lot about Bitcoin. After all, there is so much hype and craze around this first and original cryptocurrency which has risen in popularity over 8 years.
According to Elon Musk, “Paper money is going away”. This clearly points out the fact that bitcoin is not going anywhere but in fact, it will see explosive growth in the next 10 years.
If you won’t believe it, you won’t get it. People take interest in cryptocurrencies because they are transparent, efficient, and technology-driven. Many investors use Bitcoin as an alternative method to generate profits.
Among others, bitcoin is the most prominent cryptocurrency in the market today. But what we don’t know is, that there are plenty of facts that make Bitcoin more reliable and amazing crypto in the world. So, let’s explore some more facts about bitcoin and find out why there is so much buzz about this cryptocurrency.
1. You can Buy and Sell Bitcoins Using ATMs
Yes! don’t be surprised. You can easily buy and sell bitcoins – by using a bitcoin ATM. This intelligent machine accepts cash and then converts it into Bitcoin as well as different cryptocurrencies. Many Bitcoin ATMs allow you to sell your coin and then quickly withdraw cash from the ATMs.
You might not know but there are almost 5,000 Bitcoin ATMs in the world and America has more ATMs than other states. You can find 2,000 Bitcoin ATMs in the US alone.
2. The First Bitcoin Purchase was “Pizza”
Did you know people celebrate May 22 as Bitcoin Pizza Day? Why? Because the first bitcoin purchase was for “pizza.”
When bitcoins were mined initially, they were seen as worthless thing as their cost was zero.
But the world got shocked when someone purchased pizza with bitcoin on 22 May 2010. That purchase was a big deal because no retailer was accepting bitcoin for selling and purchasing.
3. The Creator of Bitcoin is a “Mystery”
Yes, you read that correctly.
The creator of this amazing currency is still not known.
When bitcoin was first introduced in 2009, people speculated a lot of things but couldn’t find the real inventor of the product.
However, the Bitcoin whitepaper was once made open to the public under the name of Satoshi Nakamoto – who is still a mystery to explore.
4. 18-Year-Old Became Millionaires with Bitcoin
That’s shocking. But it’s true.
Erik Finman became a millionaire using Bitcoin when he was only 12. Other kids might buy toys, games, and food with money. But he took a brave step.
The guy took $1,000 as an education fund from his grand-mum and borrowed some amount from his brother to buy Bitcoin that was worth $10-12.
But in 2013, he tried to sell his first Bitcoin when its price got raised to $1,200, which turned his $1,000 investment into $100,000 in just a couple of years.
5. 21 million Bitcoin Can Ever be Produced. Not More Than That!
Did you know there are 21 million Bitcoin amounts that can ever be produced?
Because it has been built into the coin’s DNA. Currently, we have 18.8 million bitcoins that have been mined, but some of them are already lost, so we can mine the last bitcoin in 2140 and no fresh bitcoin can be mined after that.
6. There are 100,000 Bitcoin Millionaires in the World
Well, it’s hard to know how many Bitcoin millionaires or billionaires are there in the world, because the digital wallets are anonymous as well as the price of coins also fluctuates.
But as mentioned by BitInfoCharts, there are almost 98,180 addresses with BTC worth $1 million or even more.
Even Forbes included 12 cryptocurrency billionaires in its 2021 billionaire list.
7. 20% of Bitcoin is Already Lost
The place where you keep your bitcoins is called a digital wallet. You can log in and check your account details. However, you need to follow special cautions when it comes to setting the key and password.
Now you can easily access your mobile wallet with the key and password. But if you lose access, unfortunately, you will lose all the access and coins contained in the wallet. According to stats, 20% of bitcoins are already lost due to misplaced keys or discarded laptops.
8. Bitcoins are Digital Currencies, they Don’t Grow on Trees
Well, just like money, this cryptocurrency also doesn’t grow on trees and you have to do a bit of hard work to get it.
But the unique part about this currency is, that you can’t touch or feel it because it’s totally digital.
The cryptocurrency is mined on blockchain technology and they are available for us when miners mine these Bitcoin blocks.
According to experts, bitcoin is 300 times more powerful than the power of 5 supercomputers. This makes the currency extremely popular and worth purchasing.
9. You can Buy Lots of Things with Bitcoins, Even Tickets
That’s true. Just like you order coffee at Starbucks and pay online, you can use bitcoins to buy coffee too.
Other than that, there are lots of things you can buy with bitcoins such as luxury watches, Tesla cars, funeral stuff in the US, flight tickets, and also order food with bitcoin.
10. Bitcoins Cannot Be Banned, Ever
Because of the controversial nature of bitcoin, you may have heard the government will soon ban this cryptocurrency. However, that can’t be true.
The reason is, that Bitcoin and other cryptocurrencies operate outside the jurisdiction of some conventional finance systems you see.
But the fact about bitcoins is, that nobody can ban the currency but only regulate it.
As long as you have your bitcoin wallet, you can purchase it easily.
Conclusion
Bitcoin is the most revolutionary breakthrough today. Unlike your traditional currency, it has more worth and standards.
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